By Michael A. Hiltzik
Relentless and ominous, the drumbeat echoes around the land: Social safeguard is at the verge of financial ruin. The caution has been repeated so usually that it has develop into a gloomy article of religion for the hundreds of thousands of american citizens who pay Social defense taxes and count on to assemble merits sometime. however it is flatly unfaithful. Social protection this day is as financially robust because it has been in many years. regardless of its relative solid future health, even if, it really is dealing with the main risky political problem to its lifestyles on the grounds that its beginning 70 years in the past. The Plot opposed to Social Security explains who's relatively at the back of the efforts to "reform" the program and exhibits that the main often proposed repair -- diverting an important section of its resources into deepest funding bills -- will harm it past fix, undermining retirement safety for generations of Americans.
Award-winning journalist Michael Hiltzik files the privatization lobby's ties to the brokerage and assurance industries that stand to benefit from the proposed alterations. He debunks the myths disseminated by way of Social Security's enemies, repeated by means of rote even through its buddies and now authorized as gospel via many americans -- together with claims that the retirement of child boomers will plunge the process into chapter 11; that the $1.7 trillion in executive securities held via the Social defense belief fund are valueless items of paper; and that employees can earn greater returns on their payroll tax contributions by means of making an investment them privately than by way of leaving them within the procedure. eventually, he deals a transparent set of treatments for these few parts of Social safeguard that do desire fix -- proposals that would shore up the main effcient social assurance application in America's background instead of destroyingit within the identify of reform.
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